Look at the ALP, Albo and the embattled Rosehill Racecourse Corruption Scandal Plagued ALP NSW Premier Chris Minns may have overplayed their hand if they allow Star to fail. It could bring down the entire superannuation system if Star Entertainment is allowed to collapse.
And just what has the ruling ALP regime, Albo and the embattled Chris Minns been doing with Blackstone and why did Blackstone, the Crown Sydney owner, meet with the ALP down in Australia.
Looked for disclosures between Albo, Minns and the ALP with Blackstone and could not find one but did find this below.
Blackstone's Jon Gray did meet with Albo's alcoholic and the alcoholic's assistant, the Wolf of Wollongong when he was down in Australia according to an industry journal re REGULATORY PARITY WITH STAR ENTERTAINMENT GROUP (inboldbelow).Just why Blackstone Group would meet with a Treasury Secretary and a "Minister for Financial Services" is strange. There should be more disclosure of these things down in Australia, it is like the Deep South of the financial world. Disgusting, really.Blackstone wants bigger Australia bet as brighter economy beckons
The president and chief operating officer of Blackstone, Jon Gray, says the US private capital giant will look to increase its exposure to Australia ahead of an expected pick-up in economic growth.
“We would love to try to invest in this period of uncertainty, not just for the world, but for Australia … to try to find opportunity in some of the sectors we have really high confidence in, while people are feeling a little bit uncertain down here,”
Over the past 14 years, Blackstone’s Australian operations have grown to include a team of 60 investors managing a portfolio with an enterprise value of $29 billion. Its portfolio companies employ 36,000 people, a large chunk of which work at Blackstone’s most high-profile Australian investments, casino operator Crown Resorts.
Mr Gray said he believed the Australian economy had “been through a bit of a rough patch” due to slowing growth in China, the lingering effects of lockdowns, the rapid transmission of higher interest rates through variable rate mortgages, and weaker demand for tourism and travel.
But he said the long-term strengths of the Australian economy, including solid population growth, high education levels and the rule of law, remained intact and Blackstone was on the hunt for opportunities in sectors including data centres and digitisation, residential real estate (including student accommodation), healthcare, private credit and travel and leisure.
“There’s more happening here that could create some opportunity for us, and we’re spending more time [looking at Australia]. We see Australia as a place where we can have the best of Blackstone.”
Mr Gray said he was pleased that Crown Resorts had won back its licences in Melbourne and Sydney, after Blackstone invested “several hundred million dollars” to make the company a leader in safe gaming. But he conceded the turnaround at Crown was going to take longer than Blackstone initially expected.
A lift in international visitors would help the business, but Crown also needs to attract more domestic visitors to its Melbourne property. With the spotlight firmly on rivalStar Entertainment Group, Mr Gray said he expected “there will be a push for more regulatory parity” that should also help the business.
“This is a long-term journey for us,” Mr Gray said. “We’ve got to have a business that delivers great customer experience and is right-sized for the environment it’s in, and I think the recovery of travel and entertainment will go a long way.
“This is not going to happen overnight. But we are very pleased that we got the first chapter behind us, which was to fix the operations from a compliance standpoint and get suitability, and then you can start to build off that.”
“It’s not happening as quickly as people might like, but it will happen,” he said.
But the period of uncertainty before rate cuts arrive is creating opportunities for Blackstone to deploy capital on better terms.
“You’ve seen us do a number of things in private equity and real estate, in growth, in credit. During this interim period before they (central banks) declare all clear, we’re trying to lean in a bit.
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